New study eviscerates Trumps claim that his tax cuts dont benefit the wealthy
REBEKAH ENTRALGO at Think Progress
https://thinkprogress.org/new-study-finds-80-percent-of-trumps-tax-cuts-will-go-to-top-1-percent-ed49ba2e49ce/
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According to an analysis from the Brookings Tax Policy Center released Friday, the only group seeing the “massive” tax breaks that were promised for the middle class are wealthy Americans.
The Tax Policy Center found that in 2018, taxpayers in the top 1 percent (which includes incomes of above $730,000), would receive roughly 53 percent of the total tax benefit and their after-tax income would increase an average of 8.5 percent. Meanwhile, taxpayers in the bottom 95 percent would see average after-tax incomes increase between 0.5 and 1.2 percent.
And this just in the first year. Significant tax cuts for the rich would continue into 2027, when the top 1 percent would get nearly 80 percent of tax cuts, averaging more $200,000 dollars each. The top .1 percent would get nearly 40 percent of the tax cuts, averaging more than $1 million dollars each. All groups in the bottom 80 percent can expect to receive a meager after-tax income increase of 0.5 percent or less.
In 2018, 12 percent taxpayers will get a tax hike and by 2027, 25 percent will. More than a third of taxpayers with incomes between $150,000-$300,000 would be paying higher taxes in 2018, and 60% of them by 2027. The paper notes that, “the number of taxpayers with a tax increase rises over time.”
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